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CSU DM 272 - Chapter 3: Continued (1)

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DM 272 1st Edition Lecture 9Outline of Last Lecture I. MemoryII. Importance of Consumer KnowledgeIII. Consumer KnowledgeIV. Types of Consumer KnowledgeV. Product KnowledgeOutline of Current Lecture I. Product KnowledgeII. Purchase KnowledgeIII. Consumption and Usage KnowledgeIV. Persuasion KnowledgeCurrent LectureProduct Knowledge- Types of product knowledgeo Concrete attribute, sometimes abstracto Characteristics of a producto Functional/psychosocial consequences and benefitso Values: how the brand is marketed to reflect your personal values- Brand image: defined by associations activated from consumer memoryo May involve product attributes and benefitso May include endorsers, ad campaigns, symbols, product symbols, ect. Purchase Knowledge- Information consumers process about buying productso How much does it cost? It helps consumers evaluate fairness of the price Relative price knowledge: what consumers know about one price relative to another- Price knowledge vs. price importance- Price knowledge vs. demographic backgroundso FemaleThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Middle ageo Coupleso Lower income/education- Information consumers possess about buying productso Where to buy? Various retailers channels/stores The location inside the storeo When to buy?o Whether/ how to purchase/bargain?o Decide when to buy The product factor The timing factors- Need - Seasonality- Priceo Consumer behavior changes in “back to school shopping” Many children, teenagers, and their parents are delaying their school purchases- Wait until the back to school merchandise is on sale- See what other peers have and are wearingConsumption and Usage Knowledge- Information in memory about how a product can be consumed and what is required to actually use the product. - The question: is it likely for consumers to purchase products about which they have littleknowledge?o Possible…o Consumer satisfaction may be compromisedPersuasion Knowledge- What consumers know about the goals and tactics of those trying to persuade them- Identify the goals and tactics of this sign- Knowledge about a particular tactic may eliminate its effectiveness- Children tend to possess less persuasion knowledge and are more easily persuaded by


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